AIM: SHG.L
13.50p   -0.25p

Reserves & Resources

New Luika Gold Mine

NLGM Reserves

The total reserves position for NLGM as of 30 June 2020 is given below:

Deposit and classification Ore tonnes
(kt)
Ore grade
(g/t Au)
Contained
Ounces

(koz)
Recoverable
Ounces

(koz)
Ore Reserves – Underground 2,237 4.10 295 266
Ore Reserves – Open Pit 1,704 2.10 115 104
Total Ore Reserve 3,941 3.23 410 370

NLGM Underground Reserves1

Deposit Cut-off
grade
(“COG”)

(g/t)
Ore
tonnes

(kt)
Ore
grade

(g/t Au)
Contained
ounces

(koz)
Recoverable
Ounces

(koz)
Bauhinia Creek (“BC”) 1.9 634 5.29 108 97
Luika 1.6 1,041 3.17 106 96
Ilunga 2.0 367 4.63 55 49
BC North 1.9 196 4.18 26 24
Total Ore Reserve - Underground   2,237 4.10 295 266

Note: 1. Reserve estimates assume application of long-hole open-stoping. Economic evaluations are at a gold price of US$1,350 /oz. An assumed gold recovery of 90% has been applied.


NLGM Open Pit Ore Reserves1

Deposit COG
(g/t)
Ore
tonnes

(kt)
Ore grade
(g/t Au)
Contained
Ounces

(koz)
Recoverable
Ounces

(koz)
Black Tree Hill 0.6 580 2.12 40 36
Elizabeth Hill 0.6 901 2.11 61 55
Bauhinia Creek East 0.7 21 3.25 2 2
Shamba 0.7 129 1.80 7 7
Bauhinia Creek North 0.6 73 1.96 5 4
Total Ore Reserve - Open Pit   1,704 2.10 115 104

Note: 1. Economic evaluations are at a gold price of US$1,350 /oz. An assumed gold recovery of 90% has been applied.
 

NLGM Mineral Resource Estimate – COG 1.0 g/t (June 2020)

Deposit Measured Indicated Inferred Total Resource
Tonnes (kt) Grade
(Au_g/t)
Ounces (koz) Tonnes (kt) Grade
(Au_g/t)
Ounces (koz) Tonnes
(kt)
Grade (Au_g/t) Ounces (koz) Tonnes (kt) Grade (Au_g/t) Ounces (koz)
Jamhuri - - - 613 1.82 36 760 1.62 40 1,373 1.71 75
Shamba - - - 167 2.16 12 104 1.61 5 271 1.95 17
Elizabeth Hill 2 1.73 0 1,585 2.25 115 639 1.52 31 2,226 2.04 146
Black Tree Hill 176 2.36 13 1,079 1.94 67 506 1.26 20 1,762 1.79 101
Ilunga - - - 542 3.57 62 550 3.59 63 1,092 3.58 126
Luika 799 3.41 88 1,762 2.98 169 730 2.18 51 3,291 2.91 308
Bauhinia Creek - - - 964 5.28 164 1,027 1.99 66 1,991 3.58 229
Bauhinia Creek North - - - 356 3.68 42 45 3.14 5 401 3.62 47
Bauhinia Creek East - - - 20 3.84 2 2 3.45 0 22 3.80 3
Luika South - - - 118 3.67 14 178 3.15 18 296 3.35 32
Black Tree Hill North - - - 114 1.78 7 37 1.40 2 151 1.69 8
Grand Total 977 3.22 101 7,320 2.93 690 4,578 2.05 301 12,876 2.64 1,091

The Singida Project

JORC 2012 Reserve (26 May 2020)

Deposit COG
(g/t)
PROBABLE RESERVES
Ore tonnes (kt) Ore grade (g/t Au) Contained Ounces
(koz)
Recoverable Ounces
(koz)
Cornpatch 0.79 294 3.46 33 29
Cornpatch West 0.78 294 3.46 33 29
Gold Tree 0.74 1,366 3.37 148 133
Gustav 0.78 129 1.7 7 6
Jem 0.74 324 2.86 30 27
Kaizer Chief 0.78 142 1.65 8 7
Vivian 0.74 125 2.38 10 9
Grand Total 0.75 2,514 3.00 243 218

Mineral Resource Estimate (26 May 2020)

Deposit MEASURED INDICATED INFERRED TOTAL RESOURCES
TONNES GRADE OUNCES TONNES GRADE OUNCES TONNES GRADE OUNCES TONNES GRADE OUNCES
(kt) g/t (koz) (kt) g/t (koz) (kt) g/t (koz) (kt) g/t (koz)
CORNPATCH 117 2.00 8 336 1.98 22 517 2.36 39 970 2.18 69
CORNPATCH WEST - - - 824 2.52 67 565 1.87 34 1,389 2.26 101
GOLD TREE 1,139 3.66 135 1,294 2.39 100 3,274 2.02 213 5,707 2.43 447
GUSTAV - - - 148 1.49 7 783 1.85 47 932 1.79 54
JEM 376 2.99 36 542 2.67 46 532 2.92 50 1,451 2.84 133
KAIZER CHIEF - -  - 475 1.67 25 354 1.98 22 828 1.80 48
VIVIAN - - - 405 2.97 38 125 3.40 14 529 3.07 52
TOTAL 1,632 3.39 179 4,024 2.36 305 6,150 2.12 418 11,806 2.38 904

The West Kenya Project

West Kenya Mineral Resource Estimate

A maiden NI43-101 compliant Inferred Mineral Resource Estimate (MRE) on the Isulu and Bushiangala prospects was announced in 2017. The latest update of the MRE was completed in May 2018:

Mineral Resource Category Prospect COG
(Au g/t)
Tonnes
(t)
Mean Grade
(Au g/t)
Ounces
(oz)
Inferred Isulu 2.0 2,527,300 13.0 1,060,300
Inferred Bushiangala 7.0 382,400 9.9 122,000
    Total 2,909,700 12.6 1,182,300

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